There were 538,950 management consultants working in the United States, according to May 2011 data from the Bureau of Labor Statistics. About 23 percent were self-employed. These professionals primarily help companies solve business problems by evaluating their operations, financial reports and corporate structures. Some specialize in specific functions such as product management, production or human resources. The top 10 percent made over $141,780 per year.

Job Duties

Management consultants meet with business leaders to gather information about companies' key problems. They make notes of the major objectives company officers want to accomplish. During this process, these professionals may study a company's manufacturing plants, interview employees and observe the business practices of major competitors. They sometimes survey customers to determine their satisfaction with the company's products and services. These business experts may also analyze a company's production output and the organizational chart to pinpoint inefficiencies or duplication among jobs. Ultimately, a management consultant creates several alternatives for a company to solve its problems.

Work Life

Management consultants usually work out of offices, but they also travel to visit clients' locations or plants. They work long hours and on weekends, if necessary, to meet important deadlines. Over one-third of them work more than 40 hours per week, according to the BLS. Management consultants are usually assigned specific projects from supervisors if they are employed by management consulting firms. The 23 percent who are self-employed may need to sell their services before getting assignments.

Education & Training

The minimal requirement for a management consultant is a bachelor's degree, according to the BLS. However, many employers prefer to hire individuals with masters' degrees in business. These professionals usually study marketing, management, finance, economics and statistics while in college, where they may pursue internships. After graduation, management consultants can become certified through the Institute of Management Consultants USA by taking an exam. Some clients prefer to hire individuals with IMC USA accreditation.

Average Salary & Benefits

Management consultants earned average salaries of $87,980 per year, according to the BLS. The middle half made between $58,530 and $105,210 annually. And the lowest 10 percent earned annual salaries less than $43,920 per year. Those who worked for employers usually receive benefits such as medical insurance, paid time off and retirement plans. Self-employed professionals must pay for their own benefits.

Employment Outlook

The BLS reports that the number of jobs for management consultants is expected to increase 22 percent between 2010 and 2020. This rate of growth is faster than the national average of 14 percent for all jobs. Companies continually need consultants to help them remain competitive, which spurs job growth. However, more companies are hiring management consultants who specialize in certain industries, such as software, restaurants or consumer products.